From The Age:
Stockpiles at the Cushing, Oklahoma grew almost 850,000 barrels to 69.6 million in the week to March 11, bringing storage at the delivery hub for US crude futures to near capacity, traders said, citing market intelligence firm Genscape.
The Organisation of the Petroleum Exporting Countries, meanwhile, said global demand for crude from its members, including Saudi Arabia and Iran, will be less than previously thought in 2016 due to competing non-OPEC supply. OPEC supply will likely exceed demand by about 760,000 barrels per day, up from 720,000 bpd it implied earlier.
* Target calculation: 32 – ( 42 – 32 ) = 22
Respect of resistance at $42/barrel (and the descending trendline) would warn of another decline. Breach of support at $32 would confirm a target of $22/barrel*.
Where oil goes, stocks will follow.